Morgan Gatsby is a diversified financial services group based in Dubai. Our capabilities cover Investment Banking, Wealth Management and Corporate Advisory and we serve a wide range of clients, including high net worth individuals, family offices and small to medium sized regional businesses.
We are valued by clients across the Middle East for our full spectrum capital markets offering and for the extensive, global experience of our Board and management team.
We are renowned for building long-standing and successful relationships with our clients and for delivering services that are tailored to their individual needs and requirements.
We understand the importance of integrity in promoting and building sustainable business and personal relationships with all stakeholders, and are committed to generating value for our clients.
Morgan Gatsby is regulated by the Dubai Financial Services Authority (“DFSA”) and is owned by Essel Group ME (“EGME”).
You may be aware that the UAE is implementing value added tax (“VAT”) at the standard rate of 5% with effect from 1st January 2018. This will apply to most supplies of good and services supplies from this date.
The UAE Ministry of Finance has some useful webpages dedicated to VAT, setting out how VAT will operate in the UAE. We suggest that you take a moment to consider how VAT might apply to you:
VAT will apply to supplies of goods and service from 1st January 2018, even if the contract for the supply of such goods or services was entered into before that date. This means that even though you have existing agreement(s) with us (‘Agreement (s)”), VAT may apply to any product/service we provide to you from 1 January 2018.
As we believe this will be fully enacted, we advise that VAT charges will be added to your invoice at a standard tax rate of 5% percent, in accordance with the Schedule of fees of our Terms of Agreement and applicable to all contracts.
The UAE Ministry of Finance published executive regulations in respect of VAT on 28th November 2017 which provided clarity with respect to how VAT will apply to financial services and these regulations are available on the MOF webpage.
For further information, please refer to the attached linked https://www.mof.gov.ae/en/lawsandpolitics/govlaws/pages/vat-law.aspx. You should seek independent advice on VAT matters if you have any legal issues arising.